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With the US Dollar having weakened over the course of the week, gold prices were able to post a small recovery, rallying up off last week’s lows to close green on the week. Gauging the USD reaction to the latest trade war headlines has become increasingly difficult over recent weeks. USD had been gaining actively over past months as the market viewed it as being the ultimate winner in the US trade dispute with China.
However, the recent news that the US and China are due to restart negotiations put downward pressure on the currency which has remained despite the trade war escalating once again as the US applies a new 10% tariff to further Chinese goods and China responding with its only tax on $60 billion worth of US goods. It seems that the market is looking past these moves, which were widely signaled and is instead focusing on the prospect of negotiation.
Gold prices are still fighting to get back above the July 2017 low of 1205.29. An upside break of this level is needed to ...
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